Since price has been following upward to retest resistance (down/green) trendline, it can attempt to test other resistance: the past high swing & resistance at that price as is (blue line). Test of these prices resisted may be needed to ever start a short condition, yet Daily TF:(Following image) shows attempt at resistance (MBL slightly upward (yellow line), but...
Review chart
I have studied Traders Dynamic Index more in depth, and have been able to understand the indication it provides. Market is very bullish.
Fibonacci 38.2, 50, 61.8 to 161.8% When continuation is signalled.
Past trendline rays continue to have effect in the future as continued support/resistance or change. Trendlines only placed within overall trend(lines) I call sub-trendlines. Also back-testing Traders Dynamic Index at indicator window compared to Daily chart, Vertical lines in bottom indicator are placed.
I mainly used areas from 38.2 of Fibonacci lines to 61.8 and shown as green/blue boxes.
I believe t is ranging, so to "play the game", without fundamentals nearby can mean repetition is on the way to the downside for months waiting time for gain.
Not a setup, but a downtrend continuation prediction is what I have in mind. Price could follow the uptrendline, to continue up as Fibonacci tool predicts where it will lead to, while 117.7 hit 61.8% & may be enough to continue downtrend with Traders Dynamic Index indication of reversal from an uptrend start. Or price to move up according to its minor fibonacci...
If anyone wishes to comment on this mindless post, I'm fine to be educated by the more experienced.
As seen in chart, Traders Dynamic Index is indicating by the Weekly chart that the market has been oversold and is already turning uptrend (as seen by the drawn trendline cross (considering the indicator trend start signal too). This is my analysis on Weekly Time frame chart for overall future move. Will also show lower time frame analysis.
Highly likely trend start to the upside. No trade setup = Only Analysis while including resistance lines.
Setup: Entry through cross of green trendline
Saw u-turn/bounce off of 61.8 and cross of trendline to signal continuation 61.8% can lead to 127.2% and at most to 161.8
IF AND ONLY IF, a reversal occurs from around 1060, on the 2-Hour chart shows the possibility of profit potential. Otherwise, may be a continuation on a higher timeframe. This may be the last chance for the price to move down near 1060 at this time if it becomes a reversal
I have seen price has pulled back to 61.8% on Fibonacci level and due to the price movement being of continuation, Fibonacci pattern shows, that from $1,006 price will move up to $1,163 (161.8%) or at least to $1,111 before a pullback/retracement OR a reversal occurs.
Lower-timeframe, might signal contrary to bigger reversal than the 'continuation' uptrend. 2-Hour chart signals a soon possible downward reversal. Contrary to posted idea I set a Fibonacci within a major Fibonacci retracement and found this "u-turn". Assuming Market Baseline (Yellow) will continue to show an uptrend. Even though, this may be the last chance...
Traders Dynamic Index Indicator Alert v0.1 by JustUncleL, on realtime chart shows Red & Green move down to bounce on third line I placed on TDI indicator window & reversed up, as if a continuation of overall trend. This allows for a new Fibonacci retracement to be placed: A (0.00%) on low swing of 890, B (100.00%) high swing of 1004. From there see it as a...
Long term, up. Short term, down to Fibonacci 127% or 161.8% extension